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Xurpas raises P100-M in fresh capital from founding shareholder

January 25, 2022 - Tuesday 11:01 AM by GDM

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On January 20, 2022, Xurpas Inc. approved the issuance of common shares to Nix Nolledo, one of the Company’s three founders. The fresh capital infusion amounting to Php 100 million will primarily be used for the expansion of Xurpas' core enterprise business, specifically the IT staff augmentation business. The fresh funds will also be used for employee benefits enhancement, research and development, the upgrade and replacement of equipment, and general corporate purposes.

The Company disclosed that Mr. Nolledo’s subscription price will be based on Xurpas’ 30 day weighted average share price wherein the twenty five (25) days prior to signing date and the five (5) days after signing date will determine the calculation. The Subscription Price is subject to 5% premium, and shall also have a floor price of Php0.55 per share, said the Company.

“The past two years have been quite challenging, all the more so due to the ongoing pandemic. But there have also been opportunities for growth, as many companies try to accelerate their digital transformation and other IT initiatives,” said Mar Corpuz, Xurpas President. “We have made meaningful progress in rebuilding our revenue base by focusing on staff augmentation. Nix (Nolledo’s) continued support through this infusion will go a long way towards allowing us to further grow the business, while strengthening our balance sheet.” continued Corpuz.

The Subscription Agreement was signed on January 20, 2022. Mr. Nolledo will pay the total subscription price of Php100 million within 30 days.

Xurpas shares closed at a price of Php 0.40 on January 19, 2022.

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